Vocabulary
Practice the vocabulary words from the lesson.
Supply
The amount of a product that would be offered for sale at all possible prices that could prevail in the market.
Law of Supply
The principle that suppliers will normally offer more for sale at higher prices and less at lower prices.
Supply Curve
A graph showing the various quantities supplied at each and every price that might prevail in the market.
Individual Supply Curve
A graph showing various quantities that a single producer is willing to sell at various levels of price, during a given period of time.
Market Supply Curve
A graph showing the quantity offered at various prices by all producers that offer the product for sale.
Supply Schedule
A listing of the various quantities of a particular product supplied at all possible prices in the market.
Elasticity
A measure of responsiveness that tells us how a dependent variable such as quantity responds to a change in an independent variable such as price.